Volcker Rule Restrictions on Proprietary Trading and Relationships with Hedge Funds and Private Equity Funds

Forms and Documents

Document Name	Status
SPST Volcker Rulemaking.doc Supporting Statement A	2011-11-07

IC Document Collections

IC ID	Document Title	Status
199700	Covered fund disclosures (ongoing)	New
199698	Covered fund disclosures (initial setup)	New
199697	Policies and procedures for entities not engaging in prohibited activities (ongoing)	New
199696	Policies and procedures for entities not engaging in prohibited activities (initial setup)	New
199695	Compliance program (ongoing)	New
199694	Compliance program (initial setup)	New
199693	Documentation of interest in covered fund (ongoing)	New
199692	Documentation of acquisition of interest in covered fund (initial setup)	New
199691	Documentation of plan to provide advisory services via covered fund with bona fide trust (ongoing)	New
199690	Documentation of plan to provide advisory services via covered fund with bona fide trust provision (initial setup)	New
199689	Application to extend time to divest ownership interest in a covered fund (ongoing)	New
199688	Application to extend time to divest ownership interest in covered fund (initial set-up)	New

ICR Details

OMB Control No: 3064-0184	ICR Reference No: 201110-3064-001
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: FDIC	Agency Tracking No:
Title: Volcker Rule Restrictions on Proprietary Trading and Relationships with Hedge Funds and Private Equity Funds
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule	Conclusion Date: 02/10/2012
	Date Received in OIRA: 11/07/2011
Terms of Clearance: Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will include in the supporting statement of the next ICR--to be submitted to OMB at the final rule stage--a description of how the agency has responded to any public comments on the ICR, including comments on maximizing the practical utility of the collection and minimizing the burden.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Section 619 of the Wall Street Reform and Consumer Protection Act added a new section 13 to the Bank Holding Company Act. Section 13 of the Bank Holding Company Act contains certain prohibitions and restrictions on the ability of banking entities to engage in proprietary trading and restricts the ability of banking entities to hold certain investments in, and have certain relationships with, hedge funds and private equity funds. This information collection includes certain reporting, recordkeeping and disclosure requirements contained in the implementing rule for section 13.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 619 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 619 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3064-AD85	Proposed rulemaking	76 FR 68846	11/07/2011

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 12

IC Title	Form No.	Form Name
Application to extend time to divest ownership interest in a covered fund (ongoing)
Documentation of plan to provide advisory services via covered fund with bona fide trust provision (initial setup)
Covered fund disclosures (initial setup)
Application to extend time to divest ownership interest in covered fund (initial set-up)
Covered fund disclosures (ongoing)
Documentation of plan to provide advisory services via covered fund with bona fide trust (ongoing)
Documentation of interest in covered fund (ongoing)
Compliance program (initial setup)
Documentation of acquisition of interest in covered fund (initial setup)
Policies and procedures for entities not engaging in prohibited activities (initial setup)
Policies and procedures for entities not engaging in prohibited activities (ongoing)
Compliance program (ongoing)

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Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The 46,428 reporting, recordkeeping and disclosure hours in this information collection arise from a proposed rule implementing new statutory prohibitions and restrictions on the ability of banking entities to engage in proprietary trading and restricts the ability of banking entities to hold certain investments in, and have certain relationships with, hedge funds and private equity funds.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 11/07/2011

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